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The Real Deal NYC

Corcoran says “criminal” hackers leaked agent splits

The Corcoran Group said it was hacked Friday after a stunning email containing agent splits, marketing budgets and gross commission income was sent to the entire company. Sources said the email came from Bill Cunningham, Corcoran’s president of sales. It landed in inboxes in mid-afternoon before being quickly retracted — but not before news of the breach ricocheted through the industry. “It’s the most privileged information at a real estate company” aside from client information, […]

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State punts question of rent increases on vacant stabilized apartments to city

Among the many questions landlords have asked since the passage of New York’s new rent stabilization law concerns vacant apartments: Can rent increases approved by the Rent Guidelines Board be applied to these units? The state’s housing regulator just weighed in and the answer is … maybe. In a recent memo, the state division of Homes and Community Renewal advises that it will be up to the city’s RGB to determine if landlords can increase […]

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The breakdown: How California’s new rent control law compares to New York’s

With a little more than 48 hours before the clock ran out, three of New York’s most powerful landlords made a desperate, last-ditch phone call to Gov. Andrew Cuomo. By that point, the real estate industry had already spent millions of dollars, hired seasoned lobbyists and launched media campaigns in an effort to eliminate the threat of historic tenant protections on 1 million apartments. Cuomo declined to kill the bill, and landlords across the state […]

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The Real Deal adds Grant Cardone to power-packed list of speakers for upcoming Miami Showcase and Forum

The Real Deal is thrilled to announce that Grant Cardone, founder & CEO of Cardone Enterprises, will be speaking at The Real Deal’s 6th annual Real Estate Showcase and Forum on Oct. 17, at Mana Wynwood. Cardone, who operates $1.2 billion property portfolio, has spoken throughout the world on real estate, entrepreneurship, marketing, finance and sales. He is a New York Times bestselling author of seven books. This year’s powerhouse lineup of speakers will discuss […]

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WeWork forges ahead with IPO, 1 in 4 new luxury condos are unsold: Daily digest

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to Video produced by Sabrina He WeWork forges ahead with its IPO after making significant governance changes. In a revised S-1 filing, CEO Adam Neumann reduced his high-stock vote from 20 to 10 votes and agreed […]

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NYC’s condo market is showing signs of a recession

The numbers say New York City’s condo market is in trouble. About one in four new condo units constructed since 2013 are unsold — or about 4,100 — and, of the units that did trade, 38 percent are back on the market as rentals, according to a StreetEasy analysis published by the New York Times. The latter finding about investor activity raises a red flag for the listing platform’s economist Grant Long in particular. “That’s […]

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“Inherent risk:” Rating agencies have had doubts about WeWork for years

When a loan to the We Company’s newly-formed $2.9 billion property investment fund, ARK, was taken to the commercial mortgage-backed securities market in August, analysts had some concerns. Beyond conflict-of-interest issues stemming from the fact that ARK was using the loan to finance its purchase of 600 California Street, where WeWork would be the largest tenant, credit analysts from Morningstar and S&P Global also questioned the very viability of the company and its business model. […]

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The Daily Dirt: Pied-à-terre, back from the dead?

IT IS ALIVE! Maybe! The pied-à-terre tax could be on the state legislature’s agenda next year. Just before the budget passed, an annual levy on properties valued at $5 million or more was scrapped in favor of new one-time transfer taxes. But Sen. Brad Holyman says he plans to revive the measure in January, Erin Hudson reports.  “I hope to have a bill that’s ready for prime time as it were,” he said.  Versions of PAT […]

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Carl Icahn’s decision to relocate his firm from NY to Miami could be a tax play

Carl Icahn is taking his talents to South Beach, and the SALT tax may be the reason for his fastbreak. The billionaire investor and noted corporate raider is planning to move his investment firm from New York City to Miami, according to the New York Post. The Trump administration’s 2017 tax overhaul capped the amount of state and local taxes that could be deducted at $10,000. Brokers and real estate professionals in Florida projected a […]

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WeWork pushes ahead with September IPO

The We Company will push ahead with its initial public offering and list its shares on Nasdaq later this month, despite a push from its lead investor to withdraw such plans. The office-space company said in a U.S. Securities and Exchange Commission filing Friday that it would be making changes to its corporate governance structure, which includes putting restrictions on CEO Adam Neumann’s power, “in response to market feedback.” Among the changes, the company will […]

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